CBA Faces Backlash Over Major Job Shake-Up

Commonwealth Bank Restructures IT and Operations Divisions

The restructuring affects 232 staff members across several divisions, with technology workers in New South Wales absorbing the largest share of the cuts, according to union figures. More than 172 roles in the state’s IT division are slated to be axed. Bank disclosures indicate that other impacted staff will undergo structural changes or be redeployed within Support Units, the Chief Operations Office, Retail Banking Services, and Business Banking.

Commonwealth Bank stated that the redundancies are expected to be finalised by the end of November. A bank spokeswoman said customer needs, technology, and operational methods continue to evolve, prompting regular reviews of team structures and required capabilities.

Union Slams Job Cuts Amid Record Profit and Executive Pay

Finance Sector Union National Secretary Julia Angrisano condemned the timing of the announcement, questioning the rationale behind reducing headcounts while the lender posts high financial returns. Commonwealth Bank announced a record $11 billion after-tax profit last month, alongside a 30 per cent increase in CEO Matt Comyn’s remuneration to $9.1 million.

“These savage job cuts confirm that there will never be a profit margin big enough to satisfy Australia’s richest bank,” Ms Angrisano said, adding that three-quarters of surveyed workers expressed fear over job security.

The union also claims that Commonwealth Bank’s lowest-paid workers earn only $2.82 per hour more than the national minimum wage of $26.44, and that the bank has axed 850 Australian jobs this calendar year while expanding its workforce in India.

Enterprise Agreement Negotiations and Staff Frustrations

The job cuts announcement coincides with ongoing negotiations between the union and Commonwealth Bank for a new Enterprise Agreement. The union is advocating for a 5 per cent annual pay rise, specialized upskilling for domestic staff, and a better framework for redundancy and change.

More than 3,000 Commonwealth Bank workers recently signed a petition calling on CEO Matt Comyn to improve the bank’s pay offer, which the union previously labeled “a joke” and a “slap in the face.” Ms Angrisano hand-delivered a letter to the bank’s Sydney headquarters detailing worker feedback regarding crushing workloads, burnout, and cost-of-living pressures.

According to the union, the bank’s current pay offer would result in roughly 71 per cent of its Australian workforce receiving a wage increase below inflation in the first year. Meanwhile, approximately 47 per cent would receive either no guaranteed wage increase or a rise of 2.5 per cent over the next three years.

Bank Highlights Workforce Transition Programs

In response to the union’s criticism, Commonwealth Bank pointed to its $90 million Future Workforce Program. This program seeks to assist employees in moving into different internal positions via a four-week Career Transition Placement program, skills assessment, and coaching.

The bank reported that more than 500 employees affected by structural changes throughout the year have successfully transitioned into alternative roles within the organisation. “Our priority is to support our people to build the skills needed for new opportunities and, when possible, move into available roles,” the bank spokeswoman said.

Regarding ongoing negotiations, a Commonwealth Bank spokesman stated that the institution has put forward a comprehensive proposal covering pay and employment conditions, and looks forward to reaching an outcome.

Frequently Asked Questions

How many jobs are affected by the Commonwealth Bank restructure?

According to the Finance Sector Union, 232 staff members across several divisions are affected, with 172 IT roles slated to be cut in New South Wales.

When will the redundancies be finalised?

Commonwealth Bank confirmed that the redundancies are expected to be finalised by the end of November.

What are the union and bank negotiating?

The union and Commonwealth Bank are currently negotiating a new Enterprise Agreement, covering pay increases, redundancy frameworks, and workplace flexibility.